Topic: Bitcoin trading broadly in China,than Nigeria. - page 2. (Read 344 times)

Something that makes me wonder is when China and Nigeria can play a role in the context of Bitcoin growth? while China is done with its new rule of closing Bitcoin. So there are some overlapping Bitcoin policy issues in the two countries. Then it would be very inappropriate, because in the end both countries have a bad reputation for the sustainability of Bitcoin in the future.

I haven't seen comprehensive data of trading volumes by country yet. There are various websites operating different arrays of data, and they reach different results. Maybe China is higher on the list than Nigeria in some of them, but Nigeria is sometimes somewhere around #2-#3 in others. I guess it's hard to evaluate the real deal properly because people often use international exchanges for their transactions, and may use things like VPN to hide their location. If even US as #1 is disputed, no wonder we can't know if China is higher than Nigeria. In any case, they are both significant, and both currently have policies that aren't very crypto-friendly.

I don't know how this comparison is even possible but with a fact that we all know about China having a much larger population than Nigeria, the odds of china having more traders than Nigeria will also certainly stand in favor of China becauseof the huge population difference.
Regulation might seem to be a factor for both countries but still the technology and infrastructure will favor China in this comparison.

Where did you read that Nigeria is not part of the first 10 in P2P trading?

I thought the data was both on Paxful and Localbitcoins, correct me if wrong. Nigerians have significantly also making use of Binance recently.

You are right, the CBN banned bitcoin, but the use of P2P is effective, no account freeze if P2P is used, while direct bitcoin or crypto to bank transactions have been blocked, so nothing like freezing of account.

I do not think this bring the perfect picture of crypto trading volume per country, why also PPP was used for the three calculation. Check the P2P, how is Togo ranked 2nd while Kenya ranked 1st? How is that possible.

it’s just unfortunate that Nigeria isn’t yet Bitcoin or crypto friendly, however, they don’t ban it when it comes to P2P trading. I don’t agree about China trading broadly on Bitcoin because they are having the largest crackdown on Bitcoin mining and restricts their citizens from fully engaging on crypto trading. They even ban financial institutions in China to adopt cryptocurrencies. So many restrictions in China nowadays, and it’s gonna be hard for us to live there.

First,if you have a legit Top 10 list about Bitcoin trading could you please share it with us and leave a link.
Second,what makes you think that the information of this Top 10 list is legit?Can you verify it somehow?
Why are you comparing Nigeria with China?Why not USA vs.China or England vs. Nigeria?
China is about to become the biggest economy in the world and China has the biggest population in the world.It's pretty normal to have lots of Bitcoin traders in China,despite the hostile "anti-Bitcoin" environment created by the Chinese government.
AFAIK,Bitcoin is in the "grey area" in terms of legislation and regulations in both China and Nigeria.

 IMO, the comparison between China and Nigeria in terms of trading activity is not proper to me firstly because the two countries are not on the same level in terms of civilization and digitalisation.

In a country like Nigeria, people are still coming to terms with what trading is, the prospect and how you can make some money online at your home's comfort from it. The country is still plagued with some barriers that do not encourage trading activities like high cost of data, epileptic power supply/no power in some places yet, poor internet connectivity, poverty and others. Whereas China being more industrialised, digitalized and not having many of the issues plaguing Nigeria, the statistics of traders is definitely going to surmount that of those in Nigeria.

Why bitcoin trading in Nigeria needs to be in top 10? Legality of bitcoin in Nigeria is still in grey area as far I know. Here is a breakdown of bitcoin adoption (not trading though).



https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index

There you can see both China and Nigeria on the list.

It's P2P for Nigeria so they're not included in the countries with the biggest trading volume. If you can consider P2P a trading then probably they might be part of that list and it's understandable that China ranks the highest because they have the biggest population, what baffles me is that they're still going strong even though there's a ban on mining there.

We cannot compare the experiences of Bitcoin between China and Nigeria as the cultures are totally different from each other. China might have banned Bitcoin mining but people are still able to do their daily crypto activities without being harassed or regulated. I think same is also true in Nigeria. Nigeria is slowly becoming a dominant player in Africa and that would also make Bitcoin investment a profitable activity among many middle class and wealthy Nigerians.

There's a crackdown that's happening in China and you'll see that there will be a drop in volume there. And in Nigeria, AFAIK, there's also a problem that makes them stop most crypto transactions. It isn't important if they're from the top 10 or not that has the most volume.
Both countries are known to have huge volumes but also have complicated status about their insight towards bitcoin.

Why was China even mentioned anyway? Is this a comparison of how Nigeria and China both have bans (or at least, something of similar) on Bitcoin? From a simple lookup even with the ban on Bitcoin by the CBN, the cryptocurrency scene is still growing pretty well due to the existence of p2p trades. I'm not particularly sure how well, though it isn't on the level of Bitcoin being completely non-existent in their country I'd suppose.

Any sources? And what does Bitcoin trading volumes in China have to do with trading volumes in Nigeria? They aren't even allies or something.

Bitcoin trading isn't mainstream in China. The CCP has pretty much banned bitcoin mining and isn't very thrilled about their people having anything to do with BTC. They want them to use their centrally issued CBDC so that they can keep track of every single payment and embark on to a perfect, utopian society where everyone only takes and spends what they need. For the benefit of the society, you know.

Apparently, a lot of BTC trading happens in China but I have no idea what is the basis of this perception. I don't know where do people get that data from considering the restrictions. And now that BTC miners have been unwelcome, whatever volume resulted from the miners trading their BTC would also be gone now.

Compared to that, Nigeria is still struggling with defining Bitcoin while their central bank parrots whatever the "international managers" say. This is the same case as with India. Its unfortunate that intellectuals and economists in countries like Nigeria and India continue to remain beholden to the views of IMF and other western nations. This slave mentality ingrained due to centuries of imperialism just doesn't seem to go away. I wish all of these people actually sat down and did an unbiased assessment of actual impact of cryptocurrencies in their countries. They'd be pleasantly surprised to find that it has been mostly positive.

AFAIK Nigeria doesn't ban Bitcoin but the central Bank on Nigeria could freeze your account if they detect the funds came from Bitcoin, high inflation rate, still a third world countries means not prosperous yet. That's why the trading volume of Nigeria can't be compared to first or second world countries, however there's an article said Nigeria become the top 2nd Bitcoin trading volume but keep in mind it's only on Paxful [1] not an entire exchanges.

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[1] https://www.theguardian.com/technology/2021/jul/31/out-of-control-and-rising-why-bitcoin-has-nigerias-government-in-a-panic

Bitcoin trading mainstream in China, however Nigeria is not among the top 10 countries trading Bitcoin , could it be that Nigeria government have not legalize Bitcoin?why is China among the top 10, but Nigeria isn't?